Form 10-QSB

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                       |X|Quarterly Report Pursuant to Section 13 or 15(d) of
                          the Securities Exchange Act of 1934.
                          For the quarterly period ended March 31, 1999

                       |_|Transition Report Pursuant to Section 13 or 15(d) of
                          the Securities Exchange Act of 1934.
                          For the transition period from _______ to _______

                        Commission File Number 000-21552

                      ATEL Cash Distribution Fund IV, L.P.
             (Exact name of registrant as specified in its charter)

  California                                                     94-3145429
(State or other jurisdiction of                               (I. R. S. Employer
 incorporation or organization)                              Identification No.)

           235 Pine Street, 6th Floor, San Francisco, California 94104
                    (Address of principal executive offices)

       Registrant's telephone number, including area code: (415) 989-8800



Indicate  by a check  mark  whether  the  registrant  (1) has filed all  reports
required to be filed by section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant was required to file such reports),  and (2) has been subject to such
filing requirements for the past 90 days.

                                     Yes |X|
                                     No  |_|

                       DOCUMENTS INCORPORATED BY REFERENCE

                                      None
<PAGE>

                          Part I. FINANCIAL INFORMATION

Item 1.  Financial Statements.
<PAGE>


                      ATEL CASH DISTRIBUTION FUND IV, L.P.

                                  BALANCE SHEET

                                 MARCH 31, 1999
                                   (Unaudited)


                                     ASSETS


Cash and cash equivalents                                          $ 1,352,080

Accounts receivable                                                    509,009

Investments in leases                                               17,916,688
                                                               ----------------
Total assets                                                       $19,777,777
                                                               ================


                        LIABILITIES AND PARTNERS' CAPITAL



Non-recourse debt                                                  $ 4,040,049
Accounts payable:
     General Partner                                                   104,843
     Other                                                             260,432
Accrued interest payable                                                17,752
Unearned operating lease income                                        125,168
                                                               ----------------
Total liabilities                                                    4,548,244

Partners' capital:
     General Partner                                                   148,358
     Limited Partners                                               15,081,175
                                                               ----------------
Total partners' capital                                             15,229,533
                                                               ----------------
Total liabilities and partners' capital                            $19,777,777
                                                               ================


                             See accompanying notes.



<PAGE>

                      ATEL CASH DISTRIBUTION FUND IV, L.P.

                                INCOME STATEMENTS

                            THREE MONTH PERIODS ENDED
                             MARCH 31, 1999 AND 1998
                                   (Unaudited)

<TABLE>
<CAPTION>
                                                               1999             1998
                                                               ----             ----
<S>                                                             <C>              <C>      
Revenues:
Leasing activities:
   Operating leases                                             $ 894,736        $ 904,403
   Direct financing leases                                        207,251          295,608
   Leveraged leases                                                67,619           46,872
    Gain on sale of assets                                      1,980,007           31,132
Interest                                                            2,094           33,439
Other                                                               4,851            3,042
                                                          ---------------- ----------------
                                                                3,156,558        1,314,496
                                                          ---------------- ----------------
Expenses:
Depreciation and amortization                                     537,595          613,784
Equipment and incentive management fees to General Partner        182,397          110,081
Interest                                                           99,461          128,412
Other                                                              60,702           18,094
Administrative cost reimbursements to General Partner              30,609           78,798
Professional fees                                                   5,959            3,138
Provision for losses                                                    -           13,145
                                                          ---------------- ----------------
                                                                  916,723          965,452
                                                          ---------------- ----------------
Net income                                                     $2,239,835        $ 349,044
                                                          ================ ================

Net income:
     General Partner                                             $ 22,398          $ 3,490
     Limited Partners                                           2,217,437          345,554
                                                          ---------------- ----------------
                                                               $2,239,835        $ 349,044
                                                          ================ ================
Net income per Limited Partnership unit                            $ 0.30           $ 0.05
Weighted average number of units outstanding                    7,487,350        7,487,350
</TABLE>

                    STATEMENT OF CHANGES IN PARTNERS' CAPITAL

                            THREE MONTH PERIOD ENDED
                                 MARCH 31, 1999
                                   (Unaudited)

<TABLE>
<CAPTION>
                                           Limited Partners             General
                                      Units            Amount           Partner           Total
<S>                                    <C>             <C>                <C>            <C>        
Balance December 31, 1998              7,487,350       $15,484,740        $ 125,960      $15,610,700
Distributions to limited partners                       (2,621,002)                       (2,621,002)
Net income                                               2,217,437           22,398        2,239,835
                                 ---------------- ----------------- ---------------- ----------------
Balance March 31, 1999                 7,487,350       $15,081,175        $ 148,358      $15,229,533
                                 ================ ================= ================ ================
</TABLE>

                             See accompanying notes.

<PAGE>

                      ATEL CASH DISTRIBUTION FUND IV, L.P.

                            STATEMENTS OF CASH FLOWS

                            THREE MONTH PERIODS ENDED
                             MARCH 31, 1999 AND 1998
                                   (Unaudited)

<TABLE>
<CAPTION>

Operating activities:                                                       1999             1998
                                                                            ----             ----
<S>                                                                         <C>             <C>        
Net income                                                                  $2,239,835        $ 349,044
Adjustments to reconcile net income to net cash provided by operations:
   Leveraged lease income                                                      (67,619)         (46,872)
   Depreciation and amortization                                               537,595          613,784
   Gain on sale of asset                                                    (1,980,007)         (31,132)
   Provision for losses                                                              -           13,145
   Changes in operating assets and liabilities:
     Accounts receivable                                                      (100,261)          79,288
     Accounts payable, General Partner                                        (353,401)          46,323
     Accounts payable, other                                                    43,251          (25,808)
     Accrued interest payable                                                   (2,454)          (3,293)
     Unearned operating lease income                                          (137,757)         (50,480)
                                                                       ---------------- ----------------
Net cash from operations                                                       179,182          943,999
                                                                       ---------------- ----------------

Investing activities:
Proceeds from sales of lease assets                                          3,620,439          130,676
Reduction in investment in direct financing leases                             394,994          666,838
Reduction in investment in leveraged leases                                      1,240                -
                                                                       ---------------- ----------------
Net cash provided by investing activities                                    4,016,673          797,514
                                                                       ---------------- ----------------

Financing activities:
Distributions to limited partners                                           (2,621,002)      (2,618,605)
Repayment of non-recourse debt                                                (594,664)        (561,023)
                                                                       ---------------- ----------------
Net cash used in financing activities                                       (3,215,666)      (3,179,628)
                                                                       ---------------- ----------------

Net increase (decrease) in cash and cash equivalents                           980,189       (1,438,115)
Cash and cash equivalents at beginning of period                               371,891        3,990,096
                                                                       ---------------- ----------------
Cash and cash equivalents at end of period                                  $1,352,080      $ 2,551,981
                                                                       ================ ================

Supplemental disclosures of cash flow information:
Cash paid during period for interest                                         $ 101,915        $ 131,705
                                                                       ================ ================
</TABLE>



                             See accompanying notes.




<PAGE>

                      ATEL CASH DISTRIBUTION FUND IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 1999
                                   (Unaudited)


1.  Summary of significant accounting policies:

Interim financial statements:

The unaudited interim financial statements reflect all adjustments which are, in
the opinion of the general partners,  necessary to a fair statement of financial
position and results of operations for the interim periods  presented.  All such
adjustments are of a normal recurring nature.  These unaudited interim financial
statements  should be read in  conjunction  with the most recent  report on Form
10K.


2. Organization and partnership matters:

ATEL Cash  Distribution  Fund IV, L.P. (the  Partnership),  was formed under the
laws of the State of  California  on  September  19,  1991,  for the  purpose of
acquiring  equipment  to  engage in  equipment  leasing  and  sales  activities.
Contributions in the aggregate of $600 were received as of October 8, 1991, $100
of which  represented the General  Partner's  continuing  interest,  and $500 of
which represented the Initial Limited Partners' capital investment.

Upon the sale of the  minimum  amount of Units of Limited  Partnership  interest
(Units) of $1,200,000 and the receipt of the proceeds  thereof on March 6, 1992,
the Partnership commenced operations.  The Partnership or the General Partner on
behalf of the Partnership, will incur costs in connection with the organization,
registration  and issuance of the Units.  The amount of such costs to be born by
the Partnership is limited by certain provisions in the Partnership Agreement.

As of February 3, 1993, the Partnership had received subscriptions for 7,500,000
Limited  Partnership  Units  ($75,000,000)  in addition  to the Initial  Limited
Partners' 50 Units. Of those  subscriptions,  7,487,350 Units ($74,873,500) were
issued and outstanding as of March 31, 1999.

The Partnership's business consists of leasing various types of equipment. As of
March 31, 1999, the original terms of the Partnership's  leases were from two to
ten years.






<PAGE>

                      ATEL CASH DISTRIBUTION FUND IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 1999
                                   (Unaudited)


3. Investment in leases:

The Partnership's investment in leases consists of the following:

<TABLE>
<CAPTION>
                                                                                 Depreciation
                                                                                  Expense or        Reclassi-
                                                              December 31,       Amortization     fications or       March 31,
                                                                   1998           of Leases       Dispositions         1999
                                                                   ----           ---------      --------------        ----
<S>                                                               <C>                <C>            <C>               <C>        
Net investment in operating leases                                 $9,415,647        $ (448,027)      $ (338,813)     $ 8,628,807
Net investment in direct financing leases                           5,252,294          (394,994)        (773,195)       4,084,105
Net investment in leveraged leases                                  4,791,326            66,379         (409,323)       4,448,382
Residual value interests                                              582,057                 -                -          582,057
Reserve for losses                                                   (915,999)                -                -         (915,999)
Assets held for sale or lease                                         964,358                 -         (119,101)         845,257
Initial direct costs, net of accumulated amortization
    of $911,060 in 1999 and $887,930 in 1998                          333,647           (89,568)               -          244,079
                                                            ------------------ ----------------- ---------------- ----------------
                                                                  $20,423,330        $ (866,210)    $ (1,640,432)     $17,916,688
                                                            ================== ================= ================ ================
</TABLE>


The following  schedule provides an analysis of the Partnership's  investment in
property on operating leases by major  classifications  as of December 31, 1998,
acquisitions and dispositions  during the quarter ended March 31, 1999 and as of
March 31, 1999.

<TABLE>
<CAPTION>
                                December 31,                     1st Quarter        March 31,
                                  1998           Additions      Dispositions          1999
                                  ----           ---------      ------------          ----
<S>                              <C>                <C>                <C>           <C>         
Construction                      $4,985,297                                         $ 4,985,297
Printing                           4,393,249                                           4,393,249
Transportation                     3,005,244                         $ (795,725)       2,209,519
Other                              2,130,174                                  -        2,130,174
Manufacturing                      1,587,670                                  -        1,587,670
Corporate aircraft                 1,328,569                                  -        1,328,569
Ground support                     1,127,988                                  -        1,127,988
Materials handling                   786,160                                  -          786,160
Data processing                      419,412                                  -          419,412
Office equipment                     216,080                           (152,104)          63,976
                             ---------------- ----------------- ---------------- ----------------
                                  19,979,843                           (947,829)      19,032,014
Less accumulated depreciation    (10,564,196)       $ (448,027)         609,016      (10,403,207)
                             ---------------- ----------------- ---------------- ----------------
                                  $9,415,647        $ (448,027)      $ (338,813)     $ 8,628,807
                             ================ ================= ================ ================
</TABLE>

All of the property on operating  leases was acquired during 1992,  1993,  1994,
1995 and 1996.




<PAGE>

                      ATEL CASH DISTRIBUTION FUND IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 1999
                                   (Unaudited)


3. Investment in leases (continued):

At March 31, 1999, the aggregate amounts of future minimum lease payments are as
follows:

            Year ending      Operating      Direct Financing
           December 31,       Leases            Leases            Total
                   1999        $1,944,392        $1,313,431       $3,257,823
                   2000         1,555,134         1,245,769        2,800,903
                   2001         1,002,493           730,189        1,732,682
                   2002           852,339           292,157        1,144,496
                   2003           620,887           205,200          826,087
             Thereafter                 -            17,100           17,100
                          ---------------- ----------------- ----------------
                               $5,975,245        $3,803,846       $9,779,091
                          ================ ================= ================


4.  Non-recourse debt:

Notes payable to financial  institutions are due in varying  monthly,  quarterly
and semi-annual installments of principal and interest. The notes are secured by
assignments  of lease  payments and pledges of the assets  which were  purchased
with the proceeds of the particular notes. Interest rates on the notes vary from
6.5% to 8.85%.

Future minimum principal payments of non-recourse debt are as follows:

            Year ending
           December 31,      Principal         Interest           Total
                   1999        $1,450,632         $ 200,404       $1,651,036
                   2000         1,535,205           151,656        1,686,861
                   2001           697,282            56,062          753,344
                   2002           250,450            19,870          270,320
                   2003           106,480             2,861          109,341
                          ---------------- ----------------- ----------------
                               $4,040,049         $ 430,853       $4,470,902
                          ================ ================= ================















<PAGE>

                      ATEL CASH DISTRIBUTION FUND IV, L.P.

                          NOTES TO FINANCIAL STATEMENTS

                                 MARCH 31, 1999
                                   (Unaudited)


5.  Related party transactions:

The terms of the Limited Partnership  Agreement provide that the General Partner
and/or   Affiliates   are  entitled  to  receive   certain  fees  for  equipment
acquisition, management and resale and for management of the Partnership.

The General Partner and/or Affiliates earned the following fees, commissions and
reimbursements, pursuant to the Limited Partnership Agreement as follows:

<TABLE>
<CAPTION>
                                                                                     1999             1998
                                                                                     ----             ----
<S>                                                                                   <C>              <C>      
Incentive  management  fees  (computed  as  5% of  distributions  of  cash  from
operations,  as defined in the  Limited  Partnership  Agreement)  and  equipment
management  fees  (computed as 5% of gross revenues from  operating  leases,  as
defined in the Limited Partnership Agreement plus 2% of gross revenues from full
payout leases, as defined in the Limited Partnership Agreement).                      $ 182,397        $ 110,081

Administrative costs reimbursed to General Partner                                       30,609           78,798
                                                                                ---------------- ----------------
                                                                                      $ 213,006        $ 188,879
                                                                                ================ ================
</TABLE>


6.  Line of credit:

The  Partnership  participates  with the  General  Partner  and  certain  of its
Affiliates in a $90,000,000 revolving credit agreement with a group of financial
institutions  which  expires on January  31,  2000.  The  agreement  includes an
acquisition  facility to be used by the  Partnership  and  Affiliates to provide
bridge financing for assets on leases.  Draws on the acquisition facility by any
individual  borrower  are  secured  only by that  borrower's  assets,  including
equipment and related leases.

The Partnership had no borrowings under the agreement during 1999.

The credit agreement  includes certain  financial  covenants  applicable to each
borrower.  The  Partnership was in compliance with its covenants as of March 31,
1999.
















<PAGE>

Item 2. Management's  Discussion and Analysis of Financial Condition and Results
of Operations


Capital Resources and Liquidity

During  1998,  the  Partnership's  primary  source of  liquidity  was rents from
operating leases. During 1999, the Partnership's primary source of liquidity was
proceeds from sales of lease assets.  The liquidity of the Partnership will vary
in the future,  increasing to the extent cash flows from leases exceed  expenses
and  proceeds  from  lease  asset  sales,  and  decreasing  as lease  assets are
acquired,  as  distributions  are made to the limited partners and to the extent
expenses exceed cash flows from leases and proceeds from lease asset sales.

As another source of liquidity, the Partnership has contractual obligations with
a diversified group of lessees for fixed lease terms at fixed rental amounts. As
the  initial  lease  terms  expire the  Partnership  will  re-lease  or sell the
equipment.  The future  liquidity  beyond the  contractual  minimum rentals will
depend on the General  Partner's  success in re-leasing or selling the equipment
as it comes off lease.

The  Partnership  participates  with the  General  Partner  and  certain  of its
affiliates  in  a  $90,000,000   revolving  line  of  credit  with  a  financial
institution. The line of credit expires on January 31, 2000.

The Partnership  anticipates reinvesting a portion of lease payments from assets
owned in new leasing  transactions.  Such reinvestment will occur only after the
payment  of  all  obligations,   including  debt  service  (both  principal  and
interest), the payment of management and acquisition fees to the General Partner
and providing for cash distributions to the Limited Partners.

The Partnership currently has available adequate reserves to meet contingencies,
but in the event those  reserves were found to be  inadequate,  the  Partnership
would  likely be in a position to borrow  against its current  portfolio to meet
such  requirements.  The  General  Partners  envision no such  requirements  for
operating purposes.

Through March 31, 1999, the Partnership had borrowed  approximately  $38,342,000
with a remaining unpaid balance of approximately  $4,040,000.  Borrowings are to
be generally non-recourse to the Partnership,  that is, the only recourse of the
lender  for a default  by the  lessee  on the  underlying  lease  will be to the
equipment or  corresponding  lease acquired with the loan proceeds.  The General
Partners  expect that aggregate  borrowings in the future will not exceed 40% of
aggregate  equipment  cost. In any event,  the Agreement of Limited  Partnership
limits such borrowings to 40% of the total cost of equipment, in aggregate.

No  commitments  of capital  have been or are expected to be made other than for
the acquisition of additional  equipment.  At March 31, 1999, there were no such
commitments.

If  inflation  in the general  economy  becomes  significant,  it may affect the
Partnership  inasmuch as the residual  (resale) values and rates on re-leases of
the  Partnership's  leased  assets may  increase as the costs of similar  assets
increase.  However,  the  Partnership's  revenues from existing leases would not
increase,  as such rates are generally fixed for the terms of the leases without
adjustment for inflation.

If interest rates increase  significantly,  the lease rates that the Partnership
can obtain on future  leases will be expected to increase as the cost of capital
is a significant  factor in the pricing of lease  financing.  Leases  already in
place, for the most part, would not be affected by changes in interest rates.


<PAGE>

The Partnership made distributions of cash from 1999 first quarter operations in
February, March and April 1999. The amount of the distributions totaled $.35 per
Unit.  This was paid in either  monthly  amounts of  $.11667  per Unit or in one
quarterly payment of $.35 per Unit in April 1999. These  distributions are equal
to an annualized distribution rate of 14%.

Rents  from  operating  leases  were the  primary  sources  of cash  flows  from
operations in the first quarter of both 1999 and 1998. The amounts of such rents
decreased from 1998 to 1999 by $9,667.

Sources of cash from investing  activities in 1999 and 1998 consisted  primarily
of the  proceeds  of the  sales  of lease  assets  and cash  flows  from  direct
financing leases. Proceeds from the sales of lease assets are not expected to be
consistent from one period to another.  Cash flows from direct  financing leases
decreased by $271,844.  Lease rents have declined due to lease  terminations and
sales of assets.

In the first quarter of 1999 and 1998,  there were no financing  sources of cash
flows. Repayments of non-recourse debt have decreased as a larger portion of the
scheduled  debt payments has been applied to principal  reductions as opposed to
interest payments.


Results of Operations

Operations  in the first  quarter of 1999  resulted in net income of  $2,239,835
compared to $$349,044 in 1998.

Operating lease revenues and the related  depreciation expense have decreased as
a result of asset  sales  over the last  year.  Sales of these  assets  were not
significant  in the  first  quarter  of  1998.  In 1999,  sales of lease  assets
increased  significantly  and the amounts of gains recognized on those sales has
increased as well.

Depreciation  expense has  decreased as a result of operating  lease asset sales
over the last year.

As scheduled debt payments have been made over the last year, debt balances have
been significantly reduced. As a result, interest expense has decreased compared
to the prior year.

In 1999, a larger portion of the cash  distributed  to the Limited  Partners was
subject to the incentive management fee. This resulted in an increase of $77,861
of these fees although the  distributions to the Limited Partners were virtually
unchanged.





<PAGE>

                           PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.

         Inapplicable.

Item 2. Changes In Securities.

         Inapplicable.

Item 3. Defaults Upon Senior Securities.

         Inapplicable.

Item 4. Submission Of Matters To A Vote Of Security Holders.

         Inapplicable.

Item 5. Other Information.

         Inapplicable.

Item 6. Exhibits And Reports On Form 8-K.

                                    (a)Documents filed as a part of this report

                                    1.   Financial Statements

                                         Included in Part I of this report:

                                         Balance Sheet, March 31, 1999.

                                         Income  statements  for the three month
                                            periods  ended  March  31,  1999 and
                                            1998.
                                         Statement  of  changes   in   partners'
                                            capital for the three  months  ended
                                            March 31, 1999.
                                         Statements  of cash flows for the three
                                            month  periods  ended March 31, 1999
                                            and 1998.
                                         Notes to the Financial Statements

                                    2.   Financial Statement Schedules

                                         All other schedules for which provision
                                         is  made in the  applicable  accounting
                                         regulations   of  the   Securities  and
                                         Exchange  Commission  are not  required
                                         under the related  instructions  or are
                                         inapplicable,  and therefore  have been
                                         omitted.

                                    (b)  Report on Form 8-K
                                         None

<PAGE>

                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

Date:
May 14, 1999

                      ATEL CASH DISTRIBUTION FUND IV, L.P.
                                  (Registrant)



             By:ATEL Financial Corporation
                General Partner of Registrant




                            By:   /s/ A. J. Batt
                                  ----------------------------------
                                  A. J. Batt
                                  President and Chief Executive Officer
                                  of General Partner




                            By:   /s/ Dean L. Cash
                                  ----------------------------------
                                  Dean L. Cash
                                  Executive Vice President
                                  of General Partner




             By:/s/ Paritosh K. Choksi
                -----------------------------------
                Paritosh K. Choksi
                Principal financial officer
                of registrant




             By:/s/ Donald E. Carpenter
                -----------------------------------
                Donald E. Carpenter
                Principal accounting
                officer of registrant